ISLAMABAD: After reaching at historic high both at national and international level a couple of week ago, the per tola price of 24 karats of gold registered a further decreased of Rs 500 on Monday to settle at Rs 243,900 against the previous day closing of Rs 244,400.
Meanwhile, according to All Sindh Sarafa Jewellers Association, the rates for the 10 grams of 24 karats of the precious metal also went down by Rs 429 to close at Rs 209,105 from the previous day closing of Rs 209,534 whereas the rates for the 10 grams of 22 karats of the yellow metal decreased to Rs 191,680 from the last day price of Rs 192,072.
The price of per tola and ten grams of silver however remained unchanged at Rs 2,650 and Rs 2,271.94 respectively.
Gold Price in International Market
Like the local bullion market, the price of the precious metal in the international market also facing correction process to come down gradually as on Monday it registered a decrease by $2 to settle at $2,335 from the previous day closing of $2,337 per ounce.
The international market witnessed the historic record high for a number of times during last few weeks including the latest one where rates of the yellow plate once crossed $2320 per ounce.
As the international market of the yellow metal remained highly volatile during last couple of weeks due to a number of reasons including investment from the Chinese traders as their stock market went bearish and they turned to invest in the safe heaven.
Meanwhile, several private banks in the US also invested in the precious metal taking its price first above $2300 and then even above $2400 per ounce.
During last couple of weeks, the precious metal in the international market witnessed major appreciation that affected most of the bullion markets across the world. After a significant bullish rally its price increased by over $260 per ounce during last six to seven weeks. The Price for the precious metal in the local bullion market mostly influenced by the rates in the international market.
